Popular trader and crypto strategist Michaël van de Poppe is revealing key price levels that he believes will determine the short-term fate of Bitcoin and Ethereum.
In a new YouTube video, Van de Poppe tells his subscribers that while he is long term bullish on Bitcoin, there are critical support levels that the flagship cryptocurrency must hold in the short term in order to continue its ascent to higher highs.
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“The higher timeframe chart for Bitcoin is showing a very massive move. It’s showing that we still have much more to gain as well, and it shows that the 2017 Bitcoin bubble was just a minimal one as we are currently in the real big super cycle…
I would prefer to hold this level here between 47.5 and 48.4 for support. If that sustains support, we most likely continue grinding and then the target zones that I have described – $53,000 and $63,000 – are very likely to be hit.”
If the $47,500 level is lost, Van de Poppe says BTC is likely headed south towards $44,000. From there the trader believes the asset will either plunge further down, retesting the $38,000 level, or it will break back up towards previous resistance around the $48,000 range.
As for Ethereum and the altcoin market at large, Van de Poppe notes that their movements appear to be following Bitcoin for now.
“If Bitcoin starts to correct, most likely altcoins will correct more… The level to watch for Ethereum is this zone here, between 0.0295 and 0.032 sats. If that holds, we get another higher low. Basically, you don’t want to see it drop below. 0.025 sats. But if we get in those regions, I’m eager to look for a new long entry on Ethereum, and I’m eager to suspect that… we’re going to make a big break later on this year.”
The trader predicts that if Ethereum holds the aforementioned prices, it could reach $4,000-$5,000 this summer.
Van de Poppe expects that the Bitcoin dominance chart will see a correction over the next 4-5 weeks, causing altcoins to suffer in their BTC pairs until the spring.
“It might be taking three, to four, to five weeks until we get into this area here for the dominance chart of Bitcoin (68.21). That is the moment you are going to want to be exposing yourself heavily to altcoins again.”
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Featured Image: Shutterstock/Dave Massey
